Quote from: Atlas on May 19, 2011, 11:31:43 PM

Quote from: JohnDoe on May 19, 2011, 11:18:56 PM

I'm not very confident that liberals will buy the "people's money" angle. Eventually they'll figure out that welfare would become hard to provide if bitcoin took over.

I am willing to argue that better welfare will be provided if Bitcoin took over. People naturally love to give and will have more to give if they have more money in their pockets.

Not only that, but sound money (and low taxations and regulations) bring goods and services to being always better and cheaper.
That, in turn, makes a better welfare, not because of "redistribution" or charity, but because almost everybody can afford them.

@unp:
So who decides when to restart the official chain?
Just having this power in the hand of someone defeats the very purpose of having a decentralised currency with no central authority.
If someone could decide to restart the official chain then for example he could dump all his btcs of the old chain and rebuy them on the new chain, and this reminds me very much of central banking...

Of course you are free to start your very own chain, and then hope other people will jump in and give value to it.

I think you should read Mises Regression Theorem to understand better the argument and nonsense you are proposing.